The exchange has not posted on X for nine days, withdrawals are still pending while deposits remain open, and wallet reviews showed limited ETH, USDT, and SOL reserves.
AscendEX is facing continued withdrawal delays amid reported liquidity concerns, with on-chain investigator ZachXBT saying the exchange had not posted on X for nine days, user withdrawals were still pending, and deposits remained operational as of July 2. He also cited user complaints, a large-account case involving unanswered outreach to co-founder George (Jing) Cao, and hot wallet reviews via Arkham and TRM that showed limited ETH, USDT, and SOL reserves. The latest remarks follow ZachXBT’s June 26 disclosure that AscendEX appeared to be dealing with liquidity problems, which he said were causing withdrawal delays ranging from days to weeks. The combination of stalled withdrawals, continued deposits, and limited visible hot wallet balances is likely to draw closer scrutiny from users because delayed withdrawals can signal funding stress at a centralized exchange.